A stand-alone industrial building leased to one tenant has sold post-auction for $1.57M following a successful auction campaign, at 1A/894 Burwood Highway, Ferntree Gully.
With a land area of 987sq m* and 1000sq m* in total combined building area, the site was zoned Industrial 1 Zone, and came with an established long-term tenant with a new five-year lease.
The asset was marketed and sold by Ray White Commercial Oakleigh Senior Commercial/Industrial Sales and Leasing Consultant George Kelepouris.
Mr Kelepouris said there were more than five bidders at the auction, with more than three offers presented to the vendor post-auction.
“After negotiations the vendor accepted a bid of $1.57M, representing a yield of 6.1 per cent, once again highlighting the significant strength of the industrial market,” he said.
“The building was sold to an overseas investor who loved the flexibility of the factory being on a main road and in amongst large retailers including Beaurepaires, Sheen Panel Service, Bridgestone and Bob Jane T-Marts among others.